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Articles by Luu Thuy
Vietnam’s stock market upgrade boosts capital market development
Effective September 21, Vietnam’s stock market has officially been upgraded from Frontier Market to Secondary Emerging Market status. This historic milestone is expected to drive deeper integration of the country's capital markets into global investment flows.
Stringent tax procedures blocking thousands of businesses from exiting market
A tax official is instructing a business household on registering to transition to the declaration tax method (Photo: SGGP/Mai Hoa) For Ms. N.T.H., a Hanoi-based construction materials business owner, the regulatory maze has been exasperating. She established her company in 2011 but suspended operations in 2016 due to ineffectiveness.
Experts suggest clearing institutional path for Vietnam’s new productive forces
Chairman and General Director of Viettel Group Tao Duc Thang stressed that to achieve double-digit growth, the core issue is how to expand the national economic space. Based on Viettel’s experience with self-reliance, expanding into new markets ensures regular and stable growth. Therefore, he proposed that the Government establish a systematic program to expand economic space abroad.
Ministry proposes halving environmental protection tax on gasoline, diesel
The Ministry of Finance is seeking public feedback on a draft resolution of the National Assembly Standing Committee proposing a reduction in the environmental protection tax on petroleum products, including a plan to cut the tax on gasoline (excluding ethanol) and diesel by half. Under the proposal, the environmental protection tax on gasoline would fall from VND2,000 to VND1,000 per liter, while the tax on diesel would be reduced from VND1,000 to VND500 per liter.
Domestic gold falls, silver gains strongly on God of Wealth Day
At around 9:30 a.m., SJC gold bars at Saigon Jewelry Company (SJC) and Phu Quy Group both fell by VND300,000 (US$11.5) per tael in both buying and selling prices compared to the previous session, quoted at VND182 million (US$6,980) per tael for buying and VND185 million (US$7,089) per tael for selling.
Diplomatic missions stand alongside Vietnam
Mr. Gennady Stepanovich Bezdetko, Ambassador Extraordinary and Plenipotentiary of the Russian Federation to Vietnam Mr. Gennady Stepanovich Bezdetko, Ambassador Extraordinary and Plenipotentiary of the Russian Federation to Vietnam, emphasized the importance of advancing comprehensive cooperation across multiple sectors. Diplomatic relations between Russia and Vietnam were established in January 1950 and have since followed a long and distinguished path.
Stock market upgrade enables major capital inflows into Vietnam
The recognition marks a major milestone in the development of the Vietnamese stock market (VNX), signaling growing global confidence and deeper integration with international capital flows. Boosting market confidence and global standing Economists hailed the reclassification as a psychological breakthrough for both domestic and foreign investors. According to Mr. Pham Luu Hung, Chief Economist and Director of SSI Research, Vietnam has now met all formal criteria under FTSE Russell’s framework.
Firmly entering the era of prosperous development
Editor's note: In the flow of Vietnamese history, 80 years since Independence Day (September 2, 1945 - September 2, 2025) has a very special meaning, a journey from the aspiration for independence and freedom to today's development achievements.
Draft amended Personal Income Tax Law aiming at fairer tax payment
After 17 years in force, the 2007 Personal Income Tax (PIT) Law has revealed numerous shortcomings and inadequacies. A primary criticism is its progressive tax schedule, which many experts deem to have too many brackets spaced too closely together, creating an undue burden on taxpayers. Currently, the schedule consists of seven brackets for income from wages and salaries.
Vietnam applies strategy for effective crypto control, growth
Most digital currencies are built on Blockchain technology. The issuance of digital currencies also follows certain rules to ensure that the amount of currency issued is not too large, as it will cause inflation and devaluation of the currency. Following the directions of the central authorities, the development of a legal framework for digital currencies has become urgent.
Gold prices rise, golden products sell out on God of Wealth Day
Despite a gap between buying and selling prices of up to VND3.5 million (nearly US$139) per tael, people flocked to gold shops to buy golden products for luck and prosperity on the God of Wealth Day. Golden products like coins, figurines, charms and jewelry with prosperity, wealth, longevity and fortune from major gold brands sold out in the morning.
Economic credit rises around 15.08 percent compared to 2023
In Hanoi, the State Bank of Vietnam (SBV) conducted the press conference to present the outcomes of banking operations for 2024 and outline objectives for 2025. Credit capital was focused on production, business, and priority sectors. Loan turnover was about VND23 trillion (US$904.88 million) in 2024, the remaining outstanding debt was VND15.6 quadrillion.
Economic credit rises around 15.08 percent compared to 2023
During yesterday’s press conference, SBV Deputy Governor Dao Minh Tu reported that by December 31, 2024, economic credit had risen by approximately 15.08 percent compared to the end of 2023, surpassing the set target. In Hanoi, the State Bank of Vietnam (SBV) conducted the press conference to present the outcomes of banking operations for 2024 and outline objectives for 2025. Credit capital was focused on production, business, and priority sectors.
Genome Assembly and Annotation of Vietnamese Rice Lines with Diverse Life-Cycle Durations
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Gold prices remains stable after auction
Yesterday morning, people in Hanoi still had to wait in line to buy gold, the purchase quantity per day was limited. That led to gold buying and selling between individuals outside official gold stores, which poses a high risk of buying fake gold. On Tran Nhan Tong Street in Hai Ba Trung District, people had to wait for one to two hours before their gold transaction can take place. At 9:00 a.m., many stores announced a limit of 2 taels of gold ring and 1 tael of gold bar per person.
Gold auction only considered as short-term measure to stabilize market
Since the news that the State Bank of Vietnam is going to host gold auction sessions, the prices of gold in the country have not seen many significant changes. In Hanoi, for instance, PNJ Co. yesterday announced a rise of VND400,000 (US$15.75) in both buying and selling, at VND82.1 million ($3,232) and VND84.1 million ($3,310) per tael respectively. Gold rings experienced a price drop, however, to VND75.07 million ($2,955) for buying and VND76.77 million ($3,022) per tael correspondingly.
National development depends on its people
The panel included key figures such as Mr. Vo Hong Phuc, former Minister of Planning and Investment; Professor-D.Sc. Vu Minh Giang, Vice Chairman of the Vietnam Historical Science Association; Dr. Doan Duy Khuong, Chairman of the ASEAN Business Advisory Council (ASEAN BAC) from 2010 to 2020; and lawyer Truong Trong Nghia, Deputy of the 15th National Assembly from Ho Chi Minh City Delegation of NA Deputies.
Businesses to face challenges in coming months
The current dire situation where several domestic enterprises are planning to suspend business operations, and with some even willing to close altogether is indeed a serious cause for great concern. The number of businesses exiting the market each month is now continuing to rise. Unless some effective measures are taken soon to support these businesses, the outlook for the remaining months of the year remain very bleak.
Businesses face difficulties, many localities see PCI rankings dropping
The recently released 2022 Provincial Competitiveness Index (PCI) report by the Vietnam Chamber of Commerce and Industry (VCCI) presents a concerning snapshot of the business and investment climate, with the PCI considered as a mirror reflecting the health of localities' investment and business environments.
Samsung to continue investment in Vietnam
Mr. Hong Sun, Chairman of the South Korean Business Association in Vietnam (KorCham), spoke with Saigon Investment to express his many views on this topic. JOURNALIST: - Sir, as a representative of South Korean businesses in Vietnam, how do you assess the current investment environment in Vietnam for its reform efforts? Mr. HONG SUN: - The investment environment in Vietnam has improved a lot and is continuing to be improved more than before.
Banks strive to resolve obstacles, support enterprises access capital
Specifically, the Governor of the SBV has requested that SBV branches in provinces and cities organize bank-business connection conferences in February in a suitable format for direct dialogue between banks and customers in order to understand difficulties related to accessing bank loans to promptly address and resolve them.
Outdated waste treatment technology in Vietnam
Mr. NGUYEN QUANG HUAN, a member of the Committee for Science, Technology, and Environment of the National Assembly, spoke with Saigon Investment on issues surrounding the use of an appropriate technology. JOURNALIST: - Sir, how do you assess the current situation of waste treatment in our country? Mr. NGUYEN QUANG HUAN: - Domestic waste is a big problem in Vietnam, especially in all the big cities.
Law on Personal Income Tax inconsistent
This move should in fact have been done two years ago in 2020, when the Consumer Price Index (CPI) at that time had increased to 22 percent compared to the time when the Law had come into effect. This is because the Law stipulates that when the CPI increases above 20 percent it must be adjusted.
Vietnamese rice exports need diverse markets
Now there are very visible global signs of an impending food crisis worldwide, which also is an opportune time to expand the Vietnam market and reduce dependency on China. In the present gloomy economic scenario under rising inflation, the export figures in the statistical report released by the Ministry of Industry and Trade on the recent farming, forestry and fishery exports can be seen as a bright spot for the economy.
LNG projects in jeopardy with rising fuel costs
LNG is a kind of fossil fuel that is considered the most environment friendly since it produces 30% less CO2 than oil, and 50% less CO2 than coal, and has the lowest carbon emissions. This is the reason why so many countries across the globe have turned to LNG for production of electric power.
Overtime working hours under consideration
Ms. TRAN THI LAN ANH, Deputy General Secretary of the Vietnam Chamber of Commerce and Industry (VCCI), and Director of the Bureau for Employer Activities in Vietnam (BEA/VCCI), spoke with Saigon Investment on how it is reasonable to propose overtime working hours, as this could pave the way for a speedier recovery for businesses that have been severely affected by the pandemic.
Renewable energy bonds extremely volatile
However, because of unclear procedures and regulations, these renewable energy corporate bonds can also suddenly plummet, same as in the earlier traffic corporate bonds market. Hot growth momentum According to statistics from the Vietnam Bond Association and a number of other securities companies, in the first three quarters of 2021 alone, energy enterprises mobilized nearly VND 22,000 bn in corporate bonds.
State budget revenue increase unsustainable
Budget increase a paradox According to the Ministry of Finance, the accumulated total state budget revenue in the first 11 months of 2021 was estimated at VND 1,180,000 bn, equal to 107.5% of the 2020 estimate.
Vietnam unable to give up coal power in near future
Mr. TRAN VIET NGAI, Chairman of the Vietnam Energy Association, spoke with Saigon Investment on steps to take to lower carbon emissions, while remaining committed to its agreement and continuing to ensure energy security in the short and medium term. JOURNALIST:- Sir, how will Vietnam's commitment at COP26 influence our energy plan, especially for our coal fired power plants which generate a majority of our electric power?
Housing for workers requires multiple contributions
Illustrative photo Prof. DANG HUNG VO, former Deputy Minister of Natural Resources and Environment, expressed his ideas on housing in a talk with Saigon Investment earlier this week. JOURNALIST: - Sir, some people believe that the Government should depend on the State budget to resolve the serious problem of housing for workers. What do you think on this matter? Prof. DANG HUNG VO: - Shortage of housing for workers is a problem in many countries, not just Vietnam alone.
Economic restructuring based on master plan
(Illustrative photo: SGGP) Mr. PHAN DUC HIEU, Member of the 15th National Assembly, and also part of a delegation of National Assembly deputies to Thai Binh Province, and Deputy Director of the Central Institute for Economic Management (CIEM), spoke with Saigon Investment and gave his opinion on the economic restructuring plan for this period.
Gas price hike not affecting GDP
This viewpoint was expressed by Asso. Prof. Dr. NGO TRI LONG, former Director of the Market Price Research Institute under the Ministry of Finance, in a talk with Saigon Investment, when asked about the impact of increase in petrol prices. JOURNALIST: - Sir, what do you think about the petrol prices in coming time? Dr. NGO TRI LONG: - In recent months, the world has witnessed a spike in petroleum products as well as fossil fuels.
Vietnamese retail shows weak purchasing power
JOURNALIST: - Ma’am, several foreign retailers (FRs) have begun to withdraw from the Vietnamese market in last few years, and some others are reconsidering their plans for the near future in Vietnam. Why is this the case when VRM has been considered appealing with still a lot of room for growth? Ms. PHAM CHI LAN: - It is essential to get to the root of the problem to understand the cause of FRs withdrawal from the Vietnamese retail market.
India favors closer cooperation with Vietnam
However, India has also left a wide open corridor for more commercial cooperation with Vietnam under an equal bilateral framework. Hence, this is an opportunity for Vietnam to seek advantages in this huge market of almost 1.3 billion people. India reviewing FTA Speaking at a recent trade conference in Hanoi, Mr. Pranay Verma, Ambassador of India to Vietnam, emphasized the importance of Vietnam as a vital trade partner of India.
Concerns over renegotiation of Trans Pacific Partnership
JOURNALIST: - Sir, do you think the USA will return to renegotiate the terms for the CPTPP deal with other countries? Dr. VO DAI LUOC: - The question of whether the USA will return to the CPTPP deal or not is a matter of great concern, not only for countries that are members of the CPTPP but also for other ally countries of America.
National data necessary for control of land prices
Mr. NGUYEN MANH HA, Chairman of Vietnam Real Estate Brokerage Association, spoke with Saigon Investment on the current unreal boom of the real estate market, which is largely the result of such unrealistic information. JOURNALIST: - Sir, from the beginning of this year, the real estate market has seen an abnormal increase in prices in many segments. Is this an unreal boom phenomenon?
Small private sector firms need crucial breakthrough
Few businesses of stature Currently, it is estimated that 758,610 enterprises are operating across the country, of which 97.2% are micro, small or medium enterprises (MSMEs). Among these, 93.7% are small and micro enterprises, of which 62.6% are all micro enterprises. There are about 17,000 large scale enterprises, accounting for 2.8% of total number of operating enterprises.
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